Monaco remains the most expensive prime residential market in the world with the average price per square metre now at €48,800, says international real estate advisor, Savills. Just over €2.7billion worth of residential property was transacted in 2018, an increase of 31%, with an average sales price of €5,200,000.
The average price per square metre in the Principality increased by an astounding 18% in 2018, at a time when many of the residential hotspots around the world are seeing prices slowing or, indeed, falling. Average prime residential values are now 237% higher than Paris, 194% higher than London and 10% higher than Hong Kong.
Transaction volumes were also up by 15% in 2018 compared to the previous year. Sales of new build property increased by 44% to 72 sales, a record high for Monaco. However they accounted for just 14% of total sales as re-sale stock continues to dominate the market.
There was also a noticeable increase in transactions over € 5 million. In 2018, there were 142 transactions, up by 42% compared to 2017 and nearly double compared to five years ago. Driven by demand from families moving to Monaco, sales of four bedroom and larger homes increased by 59% while studio sales fell by nearly a quarter.
Occupying a space smaller than New York’s Central Park, Monaco is home to 38,000 inhabitants from 139 different countries.
“We saw a notable increase in demand from British, Middle Eastern, Turkish and Greek buyers over the course of 2018”, says Irene Luke, head of Savills Monaco.
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